Gains for bank stocks help lead major US indexes higher
Stocks shook off a weak start and moved steadily higher in afternoon trading on Wall Street as gains for banks offset losses in Big Tech companies.
Bank stocks benefited from another upward move in long-term interest rates in the bond market, which will allow them to charge higher rates on mortgages and other loans, increasing their profits. JPMorgan Chase rose 1.9% and Bank of America added 2.1%.
The S&P 500 index was up 0.9% as of 1:20 p.m. Eastern, after being down as much as 0.6% earlier. The…